A Guide to Dividing Assets in Divorce Cases: What Your Divorce Lawyer Wants You to Know

22 February 2024
 Categories: , Blog

Divorce can be an overwhelming and stressful experience, especially when it involves dividing assets. Whether you are going through a contested or uncontested divorce, dividing assets is an essential part of the process. You will need to negotiate with your spouse to determine who gets what. This is why you need a divorce lawyer. Explore this step-by-step guide on how to divide assets during a divorce case.

Step 1: Make a List of Your Assets

The first step in dividing assets during a divorce is to make a list of all your assets. This includes your real estate property, cars, bank accounts, stocks, and any other significant assets you own.

Step 2: Determine the Value of the Assets

The next step is to determine the value of each asset. You can use different methods depending on the asset in question. For example, you can get a property appraiser to evaluate real estate, ask your bank for a statement of your accounts, or work with a financial advisor to value stocks and investments. Your divorce lawyer can help you determine the most accurate and acceptable way to value the assets.

Step 3: Categorize Your Assets

Once you have determined the value of each asset, the next step is to categorize them. Assets can be categorized as marital or separate assets. Marital property is anything acquired during the marriage, while separate property is anything either party owned before the marriage. The laws regarding marital and separate property can vary by state, so ask your divorce lawyer for guidance.

Step 4: Negotiate a Settlement

The next and probably the most crucial step is to negotiate a settlement. This is where you and your spouse will work to reach an agreement that satisfies both parties. You may need to involve a mediator to help you through this process. Your divorce lawyer will guide you through the process and ensure the final agreement is fair and equitable.

Step 5: Document Your Agreement

Once you and your spouse reach a settlement, the final step is to document the agreement. Keeping track of everything you have agreed on can be challenging, so it is best to put everything in writing. Your divorce lawyer will draft a settlement agreement that outlines how the assets will be divided, and the agreement will become a court order.

Divorce can be a complex process, especially when dividing assets. Your divorce lawyer is your most valuable asset to help you through this process. They have the knowledge and expertise required to make the process smoother and ensure that you get a fair settlement. Remember to be flexible and open-minded and stay focused on what is truly important.

Contact a local divorce lawyer to learn more.